Casino, Guichard-perrachon Sa · EURONEXT:CO
Casino, Guichard-perrachon Sa — Shareholder Meeting (May 2019)
95 slides from Casino, Guichard-perrachon Sa's shareholder meeting presentation, May 2019
Slide 1: Annual general meeting
is AACE! & SP1\ Annual general meeting Casino NourisHinc A WORLD oF DIVERSITY
Slide 2: Contents
Contents 2018 Highlights 2018 Financial Results 2019-2021 Perspectives Presentation by the Management Team Corporate Social Responsibility Governance Resolutions Reports of the Statutory Auditors 2
Slide 3: 2018 Highlights
2018 Highlights Jean-Charles Naouri 3
Slide 4: France: 2018 highlights
France: 2018 highlights Highest organic growth in 5 years and gross sales under banner up 2.8%* Growth in retail trading profit of 15% and improvement in profitability of 0.2pt, in line with previous years Significant progress on the Group’s strategic priorities ▪ Increased focus on a mix of buoyant
Slide 5: Asset disposals: sustained pace since July 2018
Asset disposals: sustained pace since July 2018 €1.5bn asset Definitive 2018 2019 disposal disposal plan of 15% raised to Other assets of Mercialys €2.5bn GreenYellow Sale Sale Sale (discussions capital of 67 Monoprix of 26 stores real of 32 stores real at advanced increase real estate assets estate
Slide 6: 2019-2021 France perspectives: continuation of the positive financial trajectory
2019-2021 France perspectives: continuation of the positive financial trajectory ▪ Since 2014, the Group has carried out its transformation while improving retail trading profit by 22% per year and margin by 0.4pt per year, and at the same time reducing debt by -65% ▪ The financial perspectives for
Slide 7: Latin America: 2018 highlights
Latin America: 2018 highlights BRAZIL ▪ 11% growth* in 2018 ▪ Continued very strong growth of Assaí at 24%* (6th consecutive year of growth above 20%) ▪ Sales growth of 4%** for Multivarejo, driven by new momentum in hypermarkets sales ▪ Acceleration of the digital transformation and of E-commerce (
Slide 8: 2018 Financial Results
2018 Financial Results David Lubek 8
Slide 9: 2018 key figures
2018 key figures Reported Organic In €m 2017 2018 change change Net sales 37,490 36,604 -2.4% +4.7%* EBITDA 1,900 1,865 -1.9% +6.7% Trading profit 1,213 1,209 -0.3% +9.8% Trading profit excl. tax credits 1,015 1,098 +8.2% +18.0% Underlying net profit, Group share 351 318 -9.4% -2.0%** Underlying dil
Slide 10: 2018 consolidated net sales: +4.7% organic growth
2018 consolidated net sales: +4.7% organic growth* In €m +1.7% +4.7% -7.1% +3.0% 734 953 2,573 -2.4% 39,177 37,490 36,604 Sales 2017 Same-store growth Expansion Organic sales excluding Change, scope, fuel Sales 2018 excluding calendar calendar effect and calendar effects effect * Excluding fuel and
Slide 11: Net sales and organic growth by sector of activity
Net sales and organic growth* by sector of activity 15.6 Latin America +8.9% 2.0 E-commerce (Cdiscount) +2.6% 36.6 +4.7% +2.8% Gross sales 19.0 France Retail under banner +1.2% growth 2018 net sales (in €bn) 2018 net sales organic growth * Excluding fuel and calendar effects 11
Slide 12: France Retail results – 2018
France Retail results – 2018 In €m 2017 2018 Reported change Organic change ▪ Gross sales under banner up 2.3%* and net sales Consolidated organic growth of 1.2%** 18,799 19,061 +1.4% +1.2%** net sales • Commercial success in all formats EBITDA 882 914 +3.7% +3.8% • Contribution from organic product
Slide 13: Streamlining of the store base and franchise expansion
Streamlining of the store base and franchise expansion A plan to dispose and close loss-making stores initiated at the end of 2018, most of which will be executed in H1 2019 ▪ Self-funded plan: proceeds from the disposals to finance the cost of closures, with a net gain for the Group ▪ For the integ
Slide 14: E-commerce (Cdiscount) results – 2018
E-commerce (Cdiscount) results – 2018 ▪ Increase in the marketplace share of 2.4 points to 34% of GMV*, In €m 2017 2018 Change with a 21% share of “Fulfillment by Cdiscount”, up 30% over the year GMV* 3,304 3,646 +10.4% ▪ Sharp improvement in monetisation revenues (B2B and B2C services) Consolidated
Slide 15: Latin America results – 2018
Latin America results – 2018 Reported Organic ▪ Latam trading profit excluding tax credits up 22.3% on an organic In €m 2017 2018 change change basis Consolidated net sales 16,782 15,577 -7.2% +8.9%* o/w Grupo Éxito ▪ In Brazil, excellent performance from Cash & Carry and successful 4,449 4,153 -6.7
Slide 16: Underlying diluted earnings per share
Underlying diluted earnings per share Change at constant 2017 2018 exch. rates Weighted average number of ordinary shares before dilution 110,734,374 108,388,996 -2.1% Underlying net profit, Group share (in €m) 351 318 -2.0% Dividends payable on perpetual deeply subordinated bonds (50) (48) -3.1% (T
Slide 17: Change in net debt by entity
Change in net debt by entity Change Impact of the Segisor In €m 2017 over the period capital reduction 2018 France Retail (3,715) +806 +200 (2,709) E-commerce (Cdiscount) (194) -5 0 (199) Latam Retail (845) -11 -200 (1,056) o/w GPA (189) -34 0 (224) o/w Éxito (655) +29 +200 (426) o/w Segisor 0 0 -40
Slide 18: 2018 simplified cash-flow statement
2018 simplified cash-flow statement In €m SOURCES USES Operating cash-flow 1,574 Working capital requirement 192 Disposal plan 734 Investments 677 Taxes 241 Free cash flow* 1,197 * From operating activities before dividends paid to owners of the parent and holders of TSSDI deeply-subordinated bonds,
Slide 19: 2018 dividend
2018 dividend 2018 Dividend to be proposed to the Annual general meeting (in €) 3.12 Interim dividend paid on 5 December 2018 1.56 Balance of the dividend to be paid on 9 May 2019 1.56 ▪ A dividend of €3.12 per share for the financial year 2018 will be proposed to the Annual general meeting of share
Slide 20: 2019 Group financial perspectives
2019 Group financial perspectives France Growth in trading profit +10% (excluding property development) Net debt Disposal plan increased to at least €2.5bn and debt reduction Free cash flow €0.5bn (before dividends and financial expenses) Cdiscount Strong improvement in EBITDA 30-40bps improvement i
Slide 21: The Group now has nearly 50,000 individual shareholders
The Group now has nearly 50,000 individual shareholders, representing 15% of capital At 31/12/2018 Number of shares held by individual shareholders (in million) 16.2 Number of individual shareholders 49,387 % of capital 14.8% 21
Slide 22: Shareholders' Consultative Committee works in 2018
Shareholders' Consultative Committee works in 2018 ▪ 18 September 2018 meeting • Review of the 2018 Annual general meeting and the changes made vs. 2017, and of the 2018 half-year results • Discussion on the creation of a letter to shareholders ▪ 26 March 2019 meeting • Visit of the new “le 4 Casino
Slide 23: France Retail – Current trading
France Retail – Current trading Same-store sales growth* Q4 2018 Q1 2019 April 2019 Monoprix +0.5% 0.0% +0.8% Supermarkets +0.8% 0.0% +0.3% o/w Casino Supermarkets +0.8% 0.0% +0.2% Franprix 0.0% -0.5% +0.3% Convenience and others +1.3% +0.9% +4.9% o/w convenience +2.5% +3.6% +3.0% Hypermarkets -0.5%
Slide 24: 2019-2021 Perspectives
2019-2021 Perspectives Jean-Charles Naouri 24
Slide 25: Latam 2019-2021 perspectives
Latam 2019-2021 perspectives 1 Grupo Pão de Açúcar 2 Grupo Éxito (excluding GPA) 25
Slide 26: Grupo Pão de Açúcar: Faster profitable growth
1 Grupo Pão de Açúcar Faster profitable growth Maintaining strong growth momentum at Assaí and improving profitability ▪ Sustained growth of more than 20% ▪ Further store openings (15-20 in 2019) Revitalising and revamping the other banners ▪ Adaptation of Extra supermarkets to specific niche segmen
Slide 27: Grupo Éxito: Furthering the transformation strategy
2 Grupo Éxito (excluding GPA) Furthering the transformation strategy Expanding the Cash & Carry format based on the Assaí model in Brazil ▪ Additional Surtimayorista store openings and conversions (10 planned for 2019) Developing innovative new formats ▪ Expansion of Éxito WOW hypermarket formats fo
Slide 28: France 2019-2021 perspectives
France 2019-2021 perspectives 1 Mix (formats, categories, geographies) 2 E-commerce 3 Digitalisation of customer relationships 4 New businesses: GreenYellow, Data, Data Center 5 Cost saving plans 28
Slide 29: Mix (formats, categories, geographies)
1 Mix (formats, categories, geographies) 2018 Formats: continued improvement of the format mix more aligned with new consumer trends, which is more profitable and more responsible ▪ More than 60% of net sales generated by 7,500 premium and convenience stores ▪ -11% reduction in hypermarket surface a
Slide 30: Mix (formats, categories, geographies) 2019-2021 perspectives
1 Mix (formats, categories, geographies) 2019-2021 perspectives Formats: increase the share of premium and convenience formats Hypermarket as a % of total gross sales Reduce hypermarket share to 15% of total gross sales (vs. 21% in 2018) under banner Continue opening premium and convenience stores w
Slide 31: Food E-commerce
2 Food E-commerce 2018 Extension of food E-commerce home delivery service to cover all customer needs, from express to next-day delivery Amazon partnership for delivery within two hours ▪ Development of a new customer base and acquisition of digital expertise Delivery in 2 hours ▪ Monoprix products
Slide 32: Non-food E-commerce (Cdiscount)
2 Non-food E-commerce (Cdiscount) 2018 Strong growth of the marketplace, a major profitability driver, with €1.1bn gross merchandise volume and 48 million products ▪ Growth in B2B services to marketplace vendors (logistics, marketing, financial services) ▪ 21% of GMV generated through the Fulfillmen
Slide 33: E-commerce 2019-2021 perspectives
2 E-commerce 2019-2021 perspectives Reach 30%* of E-commerce in 2021 (vs. 18%* in Q4 2018) Achieve €1bn total sales under banner in food E-commerce (vs. €300m** in 2018) ▪ Speed up food E-commerce initiatives among all banners with a unique scheme • Order preparation: the most efficient technology o
Slide 34: Digitalisation of customer relationship
3 Digitalisation of customer relationship 2018 ▪ Ramp-up of a mobile ecosystem of applications totalling more than 10 million downloads Dedicated apps for each banner Casino Max Franprix Monoprix Cdiscount ▪ Development of digital solutions to enhance customer experience • Already c.15% of sales* ge
Slide 35: Digitalisation of customer relationship 2019-2021 perspectives
3 Digitalisation of customer relationship 2019-2021 perspectives Share of HM/SM sales Increase the penetration of in-store mobile apps generated by Casino Max app users ▪ Increase the number of unique monthly visitors to 11 million by the end of 2019 40% ▪ Reach c.40% of net sales* with Casino Max a
Slide 36: New businesses: GreenYellow
4 New businesses: GreenYellow 2018 Acceleration of GreenYellow activity ▪ Solar energy: 190MWp of installed capacity at end-2018 ▪ €66m annual energy savings ▪ Energy efficiency: signature of a contract with AccorHotels for the optimisation and energy monitoring of its 1,400 hotels in France Signatu
Slide 37: New businesses: GreenYellow 2019-2021 perspectives
4 New businesses: GreenYellow 2019-2021 perspectives Consolidate GreenYellow’s leadership position in solar energy ▪ Objective: increase installed capacity to 950MWp by 2021 (vs. 190MWp at-end 2018) ▪ Pipeline of solar projects: 150MWp at end 2018, 300MWp early May 2019 and objective of 500MWp at en
Slide 38: New businesses: Data et Data center
4 New businesses: Data et Data center 2018 Data (3W.relevanC) ▪ €41m in net sales generated from data-related services ▪ Database with more than 30 million profiles from physical and digital sources ▪ Three business segments: analysis of purchasing behaviours, activation of advertising campaigns and
Slide 39: New businesses: Data and Data Center 2019-2021 perspectives
4 New businesses: Data and Data Center 2019-2021 perspectives Generate €130m revenues from Data and Data Center by 2021 ▪ Data: achieve €100m in net sales by 2021 (vs. €41m in 2018) • Speed up development of core activities • Expand retail search marketing operations (advertising campaigns linked to
Slide 40: Cost saving plans
5 Cost saving plans 2019-2021 perspectives ▪ Cost saving plans totalling €200m vs. 2018, half of which to be achieved in 2019 and the remainder in 2020 ▪ Reduction in banner and corporate head office expenses: c.€50m by 2020 • Alignment of fixed costs with changes in the store base • Generalisation
Slide 41: Main operating KPIs for France – Summary
Main operating KPIs for France – Summary 2019-2021 perspectives 2018 2021 1. Mix ▪ Openings of premium and convenience stores* 300 ▪ Hypermarkets total gross sales under banners (share of total) 21% 15% ▪ Net sales of organic products €1.0bn €1.5bn 2. E-commerce ▪ E-commerce** (% of total) 18% 30% ▪
Slide 42: Main financial KPIs for France – Summary
Main financial KPIs for France – Summary 2019-2021 perspectives Scope: France 2019 - 2021 ▪ EBITDA margin +0.2pt per year ▪ Trading margin* +0.2pt per year ▪ Growth in France trading profit* +10% per year ▪ Retail gross CAPEX <€350m per year ▪ Free cash flow** €0.5bn per year * Excluding property de
Slide 43: Conclusion
Conclusion Trajectory of continuous profitability improvement Strengthened financial structure following significant debt reduction Strategy of growth on buoyant segments 43
Slide 44: Presentation by the Management Team
Presentation by the Management Team 44
Slide 45: Régis Schultz
Presentation by the Management Team Régis Schultz 45
Slide 46: Jean-Paul Mochet
Presentation by the Management Team Jean-Paul Mochet 46
Slide 47: Tina Schuler
Presentation by the Management Team Tina Schuler 47
Slide 48: Emmanuel Grenier
Presentation by the Management Team Emmanuel Grenier 48
Slide 49: Otmane Hajji
Presentation by the Management Team Otmane Hajji 49
Slide 50: Cyril Bourgois
Presentation by the Management Team Cyril Bourgois 50
Slide 51: Hervé Daudin
Presentation by the Management Team Hervé Daudin 51
Slide 52: Corporate Social Responsability
Corporate Social Responsability Matthieu Riché 52
Slide 53: A CSR approach that addresses the sector's main challenges
A CSR approach that addresses the sector’s main challenges ▪ The challenges facing our sector include: • Feeding 7bn people + 3bn more by 2050 • Providing a healthy balanced diet that is respectful of the environment and biodiversity • Improving social and environmental conditions in the supply chai
Slide 54: Key principles of the Casino Group's CSR policy
Key principles of the Casino Group’s CSR policy ▪ The CSR programme, which was introduced in the early 2000s, is aligned with the 17 Sustainable Development Goals (SDG) and the Paris Climate Agreement and supported by the Group’s membership of the following key initiatives: • United Nations Global C
Slide 55: A structured CSR approach that has attracted recognition
A structured CSR approach that has attracted recognition ▪ An approach led by the Executive Committee ▪ ... built on 15 priorities defined based on stakeholder expectations and the impacts on and opportunities for the Group’s businesses Committed employer Responsible retailer Trusted partner Local c
Slide 56: SRI ratings 2018
SRI ratings 2018 ▪ A policy recognised by socially responsible investment (SRI) agencies: According to CASINO A RATING THAT HAS CONTINOUSLY #1 Solicited sustainability rating – December 2018 Supermarkets IMPROVED SINCE 2015: in the OPINION ON SUSTAINABILITY 2018 69 supermarket sector Rank in Sector
Slide 57: Committed employer
Committed employer Promoting diversity ▪ After first launching initiatives to combat racism in 1993, the Group is now the only retailer to date to have obtained France's Diversity Label (2009) and Workplace Equality Label (2013) 2018 38.5% 8,532 1,166 +21% key 220,060 53% are under 30 work-study emp
Slide 58: Supporting young people in Civic Service; GPA's Diversity Forum
The Casino Group is committed to supporting GPA’s Diversity Forum young people in Civic Service The Group is committed to supporting young people Work/Study Day from disadvantaged areas with Cap sur Casino 58
Slide 59: Committed employer: gender equality
Committed employer Advancing gender equality in the workplace ▪ Our policy on gender equality in the workplace is defined at Group level, then adapted in each country % of women managers 2018 Group France Brazil Colombia 98/100 key 38.9% 41.3% 32.3% 31.5% Gender equality index for Monoprix indicator
Slide 60: Committed employer: employment of people with disabilities
Committed employer Promoting the employment of people with disabilities ▪ The Group introduced a disability inclusion policy in 1995 2018 +11% 3,974 3,679 +20% disabled key employees disabled disabled vs. 2017 indicators vs. 2017 employees employees in Brazil ▪ Main actions in 2018 • Publication of
Slide 61: Awareness guide on disabilities in the workplace
Awareness guide GPA’s “Sementes” programme “Disabilities in the Workplace” supporting people with disabilities Cdiscount employee awareness-raising days 61
Slide 62: Committed employer: well-being at work
Committed employer Acting for the well-being at work ▪ Since 2014, the Group has implemented a caring management program to strengthen staff motivation based on a managerial framework comprising 8 levers 2018 Over 5,000 800 4th promotion of the Master 2 key managers trained Caring leaders “Commerce
Slide 63: Responsible retailer
Responsible retailer Promoting more responsible consumption ▪ Championing a range of responsible products: • that are organically farmed 2018 €959m 2,075 Nearly 200 key net sales private label, organic all-organic stores indicators from organic products sold in stores products • Reducing the impact
Slide 64: Organic private label products
Fruit and vegetables guaranteed to be free A large range of organic private label products of pesticide residues Tous Cultiv'acteurs: committed growers Launch of animal welfare label 64
Slide 65: Improving environmental impacts
Improving environmental impacts Combating climate change ▪ The Group has reiterated its commitment to combating climate change by joining: • Science Based Targets initiative • “Act4Nature” manifesto • National Pact on Plastic Packaging put in place by the French Ministry for the Ecological Transitio
Slide 66: Reducing plastic packaging; Assaí solar farm
The Casino Group is committed to reducing its use of plastic packaging Assaí commissions the largest Monoprix stops producing paper catalogues urban solar farm in Brazil 66
Slide 67: Local corporate citizen
Local corporate citizen ▪ Taking action to help children through the Group's Foundations: 2018 4 +65,000 +3,200 key Foundations children supported tonnes of essential food products donated by the Group’s Foundations by customers in store indicators Artistes à l’École 30 charitable projects funded Su
Slide 68: Generations United
Éxito Foundation in Colombia Monoprix Foundation Generations United Casino Foundation GPA Foundation in Brazil 68
Slide 69: Local corporate citizen
Local corporate citizen Employees dedicated to: ▪ Supporting local associations: • Franprix has supported over 450 associations since 2014 with the implementation of the Arrondi en Caisse (round-up donations) and donations on payment terminals initiatives • In 2018, Monoprix launched its first round
Slide 70: Corporate Social Responsability
Corporate Social Responsability Matthieu Riché 70
Slide 71: Governance
Governance Jacques Dumas Casino NourisHiNc A WORLD oF DIVERSITY
Slide 72: Current membership of the Board of Directors
Current membership of the Board of Directors ▪ 12 directors ▪ 1 director representing employees ▪ 5 independent directors: 42% > 1/3 recommended by the Afep-Medef Code ▪ 6 women: 50% Jean-Charles Naouri, Chairman and Chief Executive Officer Independent Other qualified Directors representing director
Slide 73: Combination of the functions of Chairman and CEO; Lead Director
Combination of the functions of Chairman and CEO Lead Director ▪ Combination of the functions of Chairman of the Board of Directors and Chief Executive Officer (since 2005) • Allowing, in a constantly changing and particularly competitive environment, to strengthen the cohesion between strategy and
Slide 74: Work of the Board and its Committees in 2018
Work of the Board and its Committees in 2018 BOARD OF DIRECTORS 13 meetings One meeting held at a Group’s business location in Bordeaux Strong engagement of directors: 94% attendance rate FOCUS ON 2018 2019-2021 strategy for the Group and banners Financial position Asset disposal plan and debt reduc
Slide 75: Work of the Committees in 2018
Work of the Committees in 2018 (13 meetings) Audit Appointments Governance and Social Committee and Compensation Committee Responsibility Committee ▪ Frédéric Saint-Geours (Chairman) ▪ Nathalie Andrieux (Chair)* ▪ Catherine Lucet ▪ Laure Hauseux* ▪ Gilbert Delahaye (director representing (Chair and
Slide 76: Membership of the Board of Directors
Membership of the Board of Directors Proposals submitted to the Annual general meeting (7th to 10th resolutions) ▪ Re-election of three directors whose terms are expiring: • Jean-Charles Naouri, director, Chairman and Chief Executive Officer, and the Group’s controlling shareholder • Finatis (repres
Slide 77: Board membership at the close of the Annual general meeting
Membership of the Board of Directors at the close of the Annual general meeting* ▪ Jean-Charles Naouri – Chairman and Chief Executive Officer (a proposal to reappoint the Chairman and Chief Executive Officer will be submitted to the Board at the close of the Annual general meeting) ▪ 13 directors, i
Slide 78: Compensation of the Chairman and CEO in respect of 2018
Compensation of the Chairman and CEO in respect of 2018 5th resolution ▪ Compensation structure presented to the Annual general meeting in 2018 • Fixed compensation: €480,000 • Annual variable compensation: target of 130% of fixed compensation (i.e., €624,000) and maximum of 167.5% • Long-term incen
Slide 79: Compensation of the Chairman and CEO in respect of 2019
Compensation of the Chairman and CEO in respect of 2019 6th resolution Structure unchanged vs. 2018 Annual fixed and variable compensation Target in thousands of € ▪ Fixed compensation: €480,000 (unchanged since 2013) ▪ Annual variable compensation: 30% target of 130% of fixed compensation and maxim
Slide 80: Compensation of the Chairman and CEO in respect of 2019
Compensation of the Chairman and CEO in respect of 2019 6th resolution ▪ Long-term incentive (LTI) • Target and maximum amounts: 100% of fixed compensation (€480,000), potentially paid in 2022 (3-year vesting period) • Entirely contingent on 2 performance criteria assessed at the end of a 3-year per
Slide 81: Resolutions
Resolutions Céline Donadieu 81
Slide 82: Presentation of resolutions
Presentation of resolutions Ordinary general meeting First and second resolutions Fourth resolution ▪ Approval of the annual and consolidated financial ▪ Approval of a related-party agreement with Mercialys: statements for 2018 Reimbursement by the Company of the specific expenses borne by Mercialys
Slide 83: Presentation of resolutions
Presentation of resolutions Ordinary general meeting Fifth resolution Seventh to tenth resolutions ▪ Approval of fixed, variable and exceptional ▪ Re-election of three directors – re-election components of the total compensation and benefits of anon-voting director of any kind paid or granted to the
Slide 84: Presentation of resolutions
Presentation of resolutions Ordinary general meeting Eleventh resolution ▪ Authorisation for the Company to buy back its own shares • Limit: 10% of the share capital • Maximum purchase price: €100 per share • Authorisation valid for: 18 months • Use when a public tender offer is in progress: No* * E
Slide 85: Presentation of resolutions
Presentation of resolutions Extraordinary general meeting Twelfth to twentieth resolutions ▪ Renewal of financial authorisations for 26 months (not valid during public tender offers) ▪ Aggregate authorised ceiling set in the 20th resolution Terms and R Subject conditions Maximum amount 12 • Share ca
Slide 86: Presentation of resolutions
Presentation of resolutions Extraordinary general meeting Twelfth to twentieth resolutions ▪ Renewal of financial authorisations for 26 months (not valid during public tender offers) ▪ Aggregate authorised ceiling set in the 20th resolution Terms and R Subject conditions Maximum amount 17 • Capital
Slide 87: Presentation of resolutions
Presentation of resolutions Extraordinary general meeting Twenty-first resolution ▪ Renewal of the authorisation to increase the share capital for members of a company savings plan (PEE) • Authorisation valid for: 26 months • Maximum amount: 2% of the share capital 87
Slide 88: Presentation of resolutions
Presentation of resolutions Extraordinary general meeting Twenty-second resolution Twenty-third resolution ▪ Authorisation to reduce the share capital ▪ Amendment of the Articles of Association via the cancellation of own shares concerning threshold disclosure obligations (Article 11, paragraph II)
Slide 89: Reports of the Statutory Auditors
Reports of the Statutory Auditors 89
Slide 90: Reports of the Statutory Auditors
Reports of the Statutory Auditors 2018 Registration Document Registration Document ▪ Reports of the Statutory Auditors to the Annual general meeting Contents ▪ Report on • Annual financial statements • Consolidated financial statements ▪ Report on related-party agreements ▪ Special reports to the Ex
Slide 91: Casino Guichard-Perrachon Annual Financial Statements
Casino Guichard-Perrachon Annual Financial Statements 2018 Registration Document: pages 147 to 150 First resolution ▪ Unqualified opinion on the financial statements, without any emphasis of matter “The financial statements give a true and fair view of the financial position and assets and liabiliti
Slide 92: Casino Guichard-Perrachon Consolidated Financial Statements
Casino Guichard-Perrachon Consolidated Financial Statements 2018 Registration Document: pages 37 to 42 Second resolution ▪ Unqualified opinion on the financial statements, without any emphasis of matter “In our opinion, the consolidated financial statements give a true and fair view of the financial
Slide 93: Related-party agreements and commitments
Casino Guichard Perrachon related-party agreements and commitments 2018 Registration Document: pages 175 to 179 Fourth resolution ▪ Agreements and commitments submitted to the Annual general meeting for approval • New agreement approved in 2018 for the reimbursement by the Company of the specific ex
Slide 94: Statutory Auditors' reports on Extraordinary Business
Statutory Auditors' reports on Extraordinary Business 2018 Registration Document: pages 408 to 411 Twelfth to sixteenth, eighteenth, nineteenth, twenty-first and twenty-second resolutions ▪ Purpose of the reports • 12th to 16th, 18th ,19th and 21st resolutions – Delegations of authority, for a perio
Slide 95: Disclaimer
Disclaimer This presentation contains forward-looking information and statements about Casino. Forward-looking statements are statements that are not historical facts. These statements include financial forecasts and estimates and their underlying assumptions, statements regarding plans, objectives,
Casino Guichard-Perrachon — Shareholder Meeting (May 2019) on 6ix